SHANGHAI – Universal Scientific Industrial Shanghai reported revenue of 13 billion yuan ($1.88 billion) in the first quarter, a decrease of 6.78% from the same quarter of last year.

The company's steepest drop in revenue came in its cloud and storage products, which saw a 22.33% decrease, while communications electronics revenue dropped 17.49%. Medical electronics revenue decreased 13.83%, while consumer electronics revenue also dropped 5.25%. USI's automotive electronics products posted a 30.12% increase in revenue, and industrial products revenue increased 15.23%.

The company forecasts that revenue will resume positive quarter-over-quarter growth in the second quarter, with an expected growth rate within 10%.